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Question
What happens to a product in the decline stage of its life cycle?
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Solution
- This stage is marked by the product being gradually replaced by newer, superior products or shifts in consumer buying behaviour. Sales decline sharply, and promotional spending must be significantly reduced to minimize losses.
- The focus shifts to efficient distribution at the lowest possible cost. Unless new uses for the product are discovered, sales may decrease rapidly, leading to the product's exit from the market.
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- Explain the stage of the Company's Product Life Cycle mentioned in the paragraph with the help of a diagram.
- Name the service to be offered by the Company in the next phase. Explain any two characteristics of Services.
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Mention the various stages of 'Product Life Cycle'.
How is the product life cycle advantageous?
Explain the abandonment stage of the product life cycle.
